With the rising internet penetration, the prevalence of cyberattacks is growing all over the world. According to the World Bank, around 57.0% of the global population had access to the internet in 2019. During cyberattacks, the networks and servers of organizations are breached and critical data is stolen, thereby causing enormous losses. Attackers are stealing information and hacking servers from various sources at the workplace, such as internet of things-enabled gadgets, that are commonly used within a centralized network.
Thus, in order to mitigate the incidence of cyberattacks and protect data, enterprises are increasingly adopting network telemetry solutions and services, thus fueling the expansion of the network telemetry market. Besides, the burgeoning need for the optimization of the network infrastructure, owing to the rising internet traffic and demand for solving downtime issues, is also pushing up the requirement for network telemetry solutions. Downtime primarily occurs when the system becomes unavailable for a certain period of time, when real-time data is transmitted to multiple locations by network devices.
To solve this problem, the overall network infrastructure must be optimized, which can be done with the help of network telemetry solutions and services. Owing to these factors, the revenue of the network telemetry market reached $300 million in 2020. Managed service providers, cloud service providers, and telecom service providers are the major end users of network telemetry solutions. Amongst these, telecom service providers generated the highest demand for these solutions in the past, mainly because these solutions assist them in optimizing and managing their network infrastructure.
This was because of the existence of several network telemetry market players, such as Pluribus Networks Inc., Arista Networks Inc., and Juniper Networks Inc., strong competition in almost every industry, and soaring use of advanced technologies, such as the IoT and AI, in the region. Across the globe, the leading market players are focusing on getting into partnerships in order to reach out to a large number of people and augment their revenue. For example, Forescout Technologies Inc., which is a provider of enterprise of things security solutions, entered into a partnership with Arista Networks Inc. in February 2021 for providing faster and effective zero-trust defense for enterprises.
Hence, the demand for network telemetry services and solutions will surge sharply in the coming years, mainly because of the rising prevalence of cyberattacks and growing adoption of advanced technologies by enterprises.
